In middle school, I took a class in home economics that taught me skills to run a household like a tight ship. I learned to sew (a sweatshirt) and cook (using baking soda when I should have used baking powder). My teacher, Mrs. Phelps, knew a lot about managing a high-intensity household as her future Olympic champion son, Michael, was only in elementary school himself.
In the years after I moved on from her class, I can only imagine what it was like for Debbie Phelps to manage the economics of a home with such extraordinary internal catalysts: Michael’s ADHD diagnosis and struggles in school, his willful pursuit of excellence in the pool, and the logistics of training far from home at the North Baltimore Aquatic Club. Mrs. Phelps knew what it meant to make economic decisions and value-based decisions while on a path to raising a son who would become one of the greatest athletes in generations.
Home Economics Spotlight
Now, seven months into a pandemic, the economics of our homes are in sharp focus. This time, it’s not about cooking and sewing. It’s about how to keep up momentum, manage our finances, and make good decisions about money in the midst of uncertainty.
Home economics is not about making more money. It is about trade-offs. How does the money you have support the best version of your life? Both your needs and your wants.
Your investment portfolio may have recovered from this year’s market drop. You may still have job stability, and your income may not have changed. But I am willing to bet that you feel something is still missing. So, let’s not focus on what the market is doing or how much is in your 401(k).
The economic health of your home is about how money supports your life, not your financial return.
Financial balance in a family is like riding a bike. Starting out, we are wobbly, accumulating debt from college or a first home, before we pick up speed. As careers progress, we gain stability by accumulating assets and paying down debt. But what happens on a bicycle if we slow down too much or stop? We lose our balance. That is how this pandemic feels for so many people. It is a loss of momentum or even a full stop that has pushed families off balance.
Finding Financial Balance
We have been working with individuals and families on regaining momentum and finding financial balance in these extraordinary times. As life has shifted, many people are re-examining what matters most—how they spend their time, where they direct their energy, and how money supports their goals.
For some, balance looks like adjusting spending to reflect new priorities. For others, it means rethinking timelines, creating space for rest, or investing more deeply in relationships and community. There is no single answer. What matters is that your financial choices reflect the life you want to live today and in the years ahead.
A trusted advisor can help you sort through these decisions and stay grounded when life feels uncertain. The goal isn’t just to build wealth, but to use it in a way that brings meaning to your home and the people in it.
Learn more about ALIGNING MONEY WITH LIFE
Financial balance is about how we value what we own, our relationships, and our experiences. It is not about what our brokerage account is worth. If you are feeling as though conversations about market volatility are missing the mark, talk to an advisor who is comfortable asking the question “How are you doing, really?” The silver lining of 2020 is that it may have helped clarify who and what you value most. Now is a good time to align your finances with the life you want to live.
When we look at how money supports our life, we begin to understand how it can help us live well.
Morton Brown Family Wealth LLC is a registered investment adviser. This information is not provided as legal or tax advice but for information purposes only. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and therefore can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Morton Brown Family Wealth (“Morton Brown”), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Morton Brown. Please remember to contact Morton Brown, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing, evaluating, or revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Morton Brown shall continue to rely on the accuracy of the information that you have provided. Morton Brown is neither a law firm, nor a certified public accounting firm, and no portion of the content should be construed as legal or accounting advice. A copy of Morton Brown’s current written disclosure Brochure discussing our advisory services and fees continues to remain available on our disclosures webpage. Please Note: Please advise us if you have not been receiving account statements (at least quarterly) from the account custodian.